social security,social security benefits,social security disability,cost of living increase social security,social security cost of living,social security income,social security cola,social security benefits increase,social security retirement,social security cola increase,social security payments,social security explained,social security update,social security cola increase 2023,social security cola 2023,social security increase,direct payments

New round of Social Security payments coming in the next few days: will come with an extra $58: Millions of Americans will see a 3.2 percent boost in Social Security and Supplemental Security Income (SSI) payments in 2024. This month, the annual cost-of-living adjustment (COLA) for 2024 will go into effect, so SS beneficiaries should start to see an increase in their benefits.

Stimulus Check Update: Residents in One State Will Receive $260 Next Week

Increased payments to almost 7.5 million SSI users started on December 29, 2023. The 3.2 percent cost-of-living adjustment (COLA) to keep pace with inflation will start with benefits given to over 66 million Social Security beneficiaries in January 2024.

Before the pandemic, the last time the COLA was bigger than this year was in 2011 when it reached 3.6%. It is a more restrained increase than the 8.7% COLA observed in 2023, the largest in more than four decades, and shows a cooling of retail prices.

$550 checks in Michigan: Who’s getting them, who isn’t?

COLA recipients who were born on February 1st through February 10th received their checks on February 14th, and those born on February 11th through February 20th may receive their payouts on February 21st. According to the whole schedule, beneficiaries with dates of birth after the 21st of the month will receive their funds on February 28th. 

Verizon Class Action Settlement 2024, Per Person Payout, Claim Form & Deadline

The maximum payment for retirees this year is $4,873, while the average monthly amount paid to them is $1,907. The average payment for retirees this year is $58 more than the average payment for 2023.

For detailed information regarding COLA’s adjustments, please check the Social Security Changes – COLA Fact Sheet

Earnings limit and taxable maximum 

The taxable maximum, or the highest amount of earnings subject to Social Security tax, is set to rise to $168,600. For employees under the “full” retirement age, the maximum earnings will rise to $22,320. 

Lastly, when a person reaches “full” retirement age in 2024, the upper earnings ceiling will rise to $59,520. Employees who are “full” retirement age or older for the whole of the year are not subject to a wage cap.

COLA Adjustments in the last 10 years

The COLA’s main goal is to prevent inflation from decreasing the purchasing power of Social Security and Supplemental Security Income (SSI) benefits.

A Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) percentage increase from the third quarter of the previous year was used to calculate the COLA for the third quarter of this year. If there is no increase, there can be no COLA.

• January 2014 — 1.5%
• January 2015 — 1.7%
• January 2016 — 0.0%
• January 2017 — 0.3%
• January 2018 — 2.0%
• January 2019 — 2.8%
• January 2020 — 1.6%
• January 2021 — 1.3%
• January 2022 — 5.9%
• January 2023 — 8.7%
• January 2024 — 3.2%

Although the COLA for this year is less than the significant increase that was seen in 2023—a sign of a slowdown in inflation—it still offers millions of Americans much-needed financial relief.

US inflation rates for the year 2023

The United States Labor Department released data on February 13, 2024, indicating that the country’s annual inflation rate for the 12 months ending in January was 3.1%, down from the prior rate of 3.4%.

The next inflation report, which will include details on the inflation rate for the 12 months ending in February 2024, is set to be released on March 12 at 8:30 a.m. ET.

According to the US Inflation Calculator, these are the following inflation rates for 2023:

• January – 6.4%
• February – 6.0%
• March – 5.0%
• April – 4.9%
• May – 4.0%
• June – 3.0%
• July – 3.2%
• August – 3.7%
• September – 3.7%
• October – 3.2%
• November – 3.1%
• December – 3.4%

Understanding inflation and its impact on the economy, salaries, and COLA is complex. Therefore, staying up to date is crucial to making informed decisions about your finances. For further and more detailed information, always check the SSA website. 

social security,social security benefits,social security disability,cost of living increase social security,social security cost of living,social security income,social security cola,social security benefits increase,social security retirement,social security cola increase,social security payments,social security explained,social security update,social security cola increase 2023,social security cola 2023,social security increase,direct payments